Market Outlook 10th Dec 2024
The Nifty Index opened on a negative note and showed volatility within a 100 point range during the first half of the session. In the latter part of the day, the index moved sideways showing limited momentum and a lack of clear direction.
It formed a small-bodied candle on daily timeframe and closed with losses of around 60 points. Now it has to hold above 24,500 zones for an up move towards 24,700 then 24,850 zones whereas supports can be seen at 24,500 and 24,400 zones.
On option front, Maximum Call OI is at 25,000 then 24,700 strike while Maximum Put OI is at 24,000 then 24,200 strike. Call writing is seen at 24,700 then 25,000 strike while Put writing is seen at 24,600 then 24,000 strike. Option data suggests a broader trading range in between 24100 to 25,000 zones while an immediate range between 24,300 to 24,800 levels.
The S&P BSE Sensex index opened on a negative note and remained largely sideways throughout the session. The index traded within the range of its first-hour candle. The index managed to close above its support of 81,400 levels.
It formed a small-bodied bearish candle on daily chart and closed with losses of around 200 points. Now it has to hold above 81,400 zones, for strength to be seen towards 81,750, then 82,000 zones whereas supports are placed at 81,400, then 81,200 zones.
The Bank Nifty Index opened on a flattish note and saw buying interest during the first half of the session pushing it to a high of 53,775 zones. Later some cool off was seen in the second half of the session from higher zones and the Index ended with minor losses near 53,400 zones.
It formed a triple inside bar on daily scale as the Index got stuck in a range of 600 points since last couple of sessions. Now it has to hold above 53,250 zones for an up move towards 54,000, then the previous life time high of 54,467 marks while on the downside support shifts higher to 53,250, then 53,000 levels.
Nifty future closed negative with loss of 0.34 per cent at 24,698 levels. Positive setup in Supreme Industries, CAMS, Angel One, Voltas, Dr LalPath Labs, Hindustan Copper, LT, Max Healthcare, SAIL, Wipro, Jindal Steel and HAL while weakness in Godrej Consumer product, PVR Inox, Marico, Tata Consumer, RBL Bank, Suntv, Havells, PI Industries, OIL, IDFC First Bank, Asian Paints, IndusInd Bank and Britannia.
EXIDE – TECHNICAL CALL OF THE DAY
Price has formed a flag and pole pattern on the daily chart and reversed from its major support levels on the weekly time frame.
The MACD Indicator too has given a bullish crossover confirming the momentum up.
Buy EXIDEIND CMP 467 SL 447 TGT 500
The Bank Nifty Index opened on a flattish note and saw buying interest during the first half of the session pushing it to a high of 53,775 zones. | Image: Wikipedia (Representative)
Metropolis Healthcare:
Metropolis Healthcare has approved the acquisition of Delhi NCR headquartered Core Diagnostics, a prominent player in India’s specialized diagnostics sector. This strategic acquisition will enhance Metropolis’ capabilities in advanced cancer testing, while deepening its presence in Northern and Eastern India and driving market share expansion in the specialized segment across the country.
Metropolis will acquire a 100 per cent stake in Core Diagnostics through a combination of cash and stock, financing 55 per cent of the transaction in cash and 45 per cent through an equity swap, totalling Rs 246.8 crore. Core Diagnostics registered revenue of Rs 110 crore in FY24. The acquisition is expected to be completed within 60 days.
IRB Infra:
IRB Infrastructure Developers Ltd and IRB Infrastructure Trust (Private InvIT) have collectively reported strong 23 per cent YoY growth in toll collection for November 2024. The aggregate toll collection for the month is Rs 536 crore, as against Rs 437 crore in the corresponding month of FY24.
Bajaj Healthcare:
The company entered into a definitive CDMO contract with UK/EU based companies for 15 new APIs. This is in addition to 15 molecules for which they entered the contract with UK/EU based clients on 27th February 2024.
The new CDMO pipeline has a mix of, off Patent Generic APIs as well as APIs which are still under patent.
Cellecor Gadgets:
Cellecor Gadgets has announced partnerships with TCI Express Limited, DTDC Express Limited, OM Logistics Limited, and Express Roadways Pvt Ltd to enhance its supply chain operations. These collaborations mark a pivotal step in Cellecor’s mission to streamline its logistics and ensure the seamless availability of its wide range of product categories to customers across the nation.
This new alliance with leading logistics providers further strengthens the company’s ability to meet growing consumer demand with speed and reliability.
The partnerships bring advanced logistics solutions that ensure improved delivery timelines, optimized inventory management, and enhanced operational efficiency, making Cellecor’s supply chain seamless and efficient.
DCM Shriram:
The Board has approved equity investment of up to Rs 60 crore in one or more Special Purpose Vehicle(s) for setting up a Wind Solar Hybrid renewable power project for replacing existing coal based 40 MW power with 68 MW RE Power.
For this, the company has entered into a defensive agreement with JSW Renew Energy Thirty Two Limited for the said purpose.
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